Role and Functions of Law Paper Essay Example | Topics and Well Written Essays - 750 words

Role and Functions of Law Paper - Essay Example This paper outlines the roles and functions of law in the well-being of a venture in the corporate sector. It also outlines the necessity of business law professionals in a global perspective. In many occasions, law takes a significant role in regulating social behavior and supplying ethical standards in the society. This is evident from the rules of conduct, measures to enforce the rules and an effective channel of settling disputes. In the current society, laws play a vital role in peace keeping, promoting the freedom of business persons and checking power of the government. The laws are bound together by constitutions, statutes and treaties. In this case, constitutions establish the fundamental principles of government in regulating the commercial activities of a given venture. At the same time, the statutes and common law involve elected representatives of the legislative branch of the state in implementing the rules at hand. On the other hand, the treaties and executive laws are laws enacted between states and countries or president and governors. Such laws regulate the economic and political well-being of a given state in running its commercial activities. That is why they are classified in different categories in regard to their necessities in commercial activities in the society. ... These rules benefit the society in various ways and must be uphold in governing a business venture. It entails maintaining order and letting business partners and customers understand the ethics of the business. At the same time, criminal law assists in resolving disputes and conflict between quarrelling individuals. Over the years, the laws have been used in identifying conduct and protecting individuals and property. This secures the wellbeing of business people and facilitates their survival probability in the market. That is why the government reinforces criminal laws that safeguard civil liberties and ensure a smooth functioning of the business (Clarkson, 2005, p, 253). Substantive law in investments is not an exceptional in regulating the rules and ethics of the business. In a free market, substantive laws are used as statutory laws that define the rights and duties of every individual in the commercial set up. The rules confer legal and social rights to the business persons th rough guidelines enforced by government bodies. In most cases, it encompasses principles of right and wrong before outlining the conviction of the case. Commercial entities use substantive law in resolving issues related to the rights and freedom of citizens. The law establishes a basis for the extent of freedom of individuals to own property or run business at a given place. In return, all the members of a populous business set up are obligated to respect the business and property of commercial entities. When carrying out substantive law, the court plays an upper hand in examining the situation and determining the conduct of the parties alleged. In either way, the court resolves the issues at hand based on the values of business surrounding the commercial